Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A loan of $ 2 2 , 4 7 1 was repaid at the end of 1 3 months. What size repayment check ( principal

A loan of $22,471 was repaid at the end of 13 months. What size repayment check (principal and interest) was written, if an 8.1% annual rate of interest was charged?
The amount of the repayment check was $.(Round to two decimal places.)
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Handbook Of Portfolio Mathematics

Authors: Vince

1st Edition

0471757683, 978-0471757689

More Books

Students also viewed these Finance questions